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Insurance Bureau of Canada

Insurance, Canada, Ontario, Toronto

Empowering Canadians with innovative insurance solutions and risk management expertise.

About Insurance Bureau of Canada

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Basics

Type
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Founded
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Total Employees
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Employees on Linkedin
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Employees on OWCareers
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Main Office
Canada, Ontario, Toronto
Official Website
http://www.ibc.ca
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FAQs – Insurance Bureau of Canada

What is the difference between government and private crop insurance?

Government crop insurance is usually subsidized, making it more affordable, but it may have limitations in coverage and claim processing speed. Private insurance offers more flexibility and faster claims but can be more expensive.


How much liability coverage do I need?

State minimums may not be enough to fully cover damages in a major accident. Experts recommend 100/300/100 coverage ($100K per person, $300K per accident, $100K property damage).


What is the difference between primary and secondary perils?

A primary peril is the direct cause of a loss (e.g., a hurricane), while a secondary peril results from the primary peril (e.g., flooding due to the hurricane).


Are co-pays required for hospital stays?

Some insurance plans require a co-pay for hospital stays, which can be a per-day charge or a single fee for the entire stay. However, other plans may apply coinsurance instead, meaning you pay a percentage of the total bill.


When did Lloyd’s of London become an official insurance institution?

Lloyd’s became an established insurance institution in 1871 when it received a formal structure through the Lloyd’s Act, solidifying its legal and financial framework.


Do I need to provide medical records for my livestock to get insurance?

Some insurers require health records, vaccination history, and veterinary checkups before approving livestock insurance coverage.


What is the difference between actual cash value and replacement cost?

Actual cash value (ACV) provides coverage based on the depreciated value of an item, while replacement cost coverage will pay for the full cost of replacing an item without factoring in depreciation. Replacement cost usually offers more comprehensive protection.


Can a policyholder file a lawsuit after subrogation?

Once subrogation occurs, the insurer takes over the legal rights. However, if damages exceed the insurer’s claim, the policyholder may still sue the at-fault party for additional compensation.


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